ChatterBank1 min ago
mortgage
4 Answers
would i become responsible for my wifes property rental mortgages and have to pay the mortgages
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No best answer has yet been selected by matthewparker. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.If I'm reading this right, your wife has properties on mortgages which she rents out. I doubt very much she will have taken out insurance (as you would with just one house and a couple) so in practice, unless you make arrangements to continue paying, the mortgage company (ies) can repossess the properties. Not a problem for you but for the tenants, a different story.
It depends on what she has put in her will. If the properties are left to you (or if they would come to you under intestacy rules if she has no will) then you would become responsible for the mortgages on them. If you didn't pay the mortgages, the lenders would repossess the properties.
If your wife has left the properties to someone else, they would become responsible for the mortgages & you would not be involved.
If your wife has left the properties to someone else, they would become responsible for the mortgages & you would not be involved.